Mattel is launching a new NFT marketplace as part of its strategy to grow its digital collectibles business.
Mattel Creations, a new blockchain-based platform from the toy giant, will go live this week on the Flow network, allowing customers to purchase digital artwork inspired by Mattel’s iconic brands like Hot Wheels and Barbie. Market debut merchandise will be the fourth installment of the famous Hot Wheels NFT Garage Series.
Mattel Future Lab vice president Ron Friedman: “In launching our own marketplace, we can translate iconic Mattel IP into digital art.” This is the next step in developing our digital projects, and we can’t wait to release more items based on well-known Mattel brands.
NFT technology has been in the spotlight after months of declining sales and a crash in the cryptocurrency market due to the shutdown of the significant exchange FTX. Yet, according to Friedman, the company is still intent on providing fans with a digital collectible that is immune to market fluctuations and has practical applications.
The company is still committed to its long-term goal of “innovating and delivering value to our customers,” Friedman said. We’re eager to keep creating groundbreaking digital experiences that shape the future of play and foster closer ties within our community. While we can’t influence market fluctuations, we can affect product and user performance.
According to Friedman, every single release of Mattel’s Hot Wheels NFTs (which retail for $25 each and come with a voucher for a physical die-cast model) has sold out within minutes. “Unlike most other projects in the space, our Hot Wheels digital collectibles are built on solid collection dynamics,” he explained. For our active collector community, this means in-the-real-world redemption opportunities for the rare die-cast cars they covet.
Mattel’s collaborations with high-end fashion houses like Balmain and designers like Cryptoys on the Masters of the Universe and Barbie lines have also been commercial successes. The company is teaming up with Boss Beauties, an organization for women in technology, to release a new Barbie line later this year as part of the Mattel Creations platform.
The marketplace features are geared toward people who aren’t already involved in the cryptocurrency industry, and buyers are not required to use cryptocurrency. Despite the apparent waning of the initial NFT hype, many brands committed to the technology are doubling down on transforming tokens into loyalty programs by adding in-world experiences and rewards or linking them to valuable intellectual property.
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